Strait Gold Corporation
TSX VENTURE : SRD

Strait Gold Corporation

January 29, 2008 13:04 ET

Strait Gold Reports Final Results From 2007 Exploration Program

TORONTO, ONTARIO--(Marketwire - Jan. 29, 2008) - Strait Gold Corporation (TSX VENTURE:SRD) is pleased to report final results of the 2007 exploration program on its Culebrilla property in Peru, which included 1,300 metres of diamond drilling in 13 holes on three of 11 known mineralized zones, the first drilling conducted on the 68-square-kilometre property.

Despite extensive alteration encountered in drilling within the Culebrilla, Caballo and Alalaj zones on the Culebrilla property, assay results returned only weakly anomalous to low-grade gold-silver mineralization. Results from the first 10 drill holes were reported in a news release dated November 20, 2007. Hole CUL-07-11 returned no significant values. Hole CUL-07-12 encountered veining from 64.7 to 67.0 metres depth with anomalous silver mineralization. Hole CUL-07-13 encountered low-grade gold mineralization (0.56 g/t gold over 1.5 metres) associated with calcite-chlorite-pyrite veinlets between 48.0 and 49.5 metres depth.

The 2007 drill program was reduced from 2,000 metres due to delays from persistent mechanical problems with the drill-rig and locally badly faulted ground which resulted in slower than expected drill rates before the onset of the rainy season. The lack of significant veining encountered in the drill program suggests that altered and mineralized veins and structures identified on surface within these zones are discontinuous at depth. No further drilling is planned on the Culebrilla, Caballo and Alalaj zones.

Based on the 2007 exploration program, the Company has identified drill targets to test copper porphyry-style mineralization on the property's Letra Rumi South zone and is considering a reconnaissance program on the western half of the Culebrilla property to identify the bedrock source of anomalous molybdenum stream-sediment values identified in 2006.

Results of detailed rock sampling, mapping, induced polarization (IP) and ground magnetic geophysical surveys in the Letra Rumi South area in 2007 indicated the presence of significant porphyry-style alteration and widespread copper mineralization within at least two zones on surface that are coincident with IP anomalies. The average grade of 182 surface samples collected to date at Letra Rumi South is 0.1% copper.

As well, high-grade copper-silver-gold mineralized veins at the Letra Rumi North zone will be examined in more detail. The mineralized showings in this area, which features several historic workings, are centred on two principal vein zones up to one kilometre in length. Sample highlights from the southern vein returned values of up to 8.4% copper with 304 g/t silver and 0.8 g/t gold in one grab sample; and 1.3% copper with 73 g/t silver and 0.7 g/t gold across a 1.3-metre chip sample. Past sampling on the northern vein included up to 847 grams per tonne (g/t) silver with 1.9 g/t gold and 1.6% copper from one grab sample and 58 g/t silver with 1.3% copper and 0.5 g/t gold across a 0.6-metre chip sample.

In addition to followup work on the Culebrilla property, the Company will be conducting extensive exploration, including detailed mapping, sampling and geophysics on two projects optioned in late 2007: the San Jorge silver-gold epithermal property and the Pallcamachay copper porphyry prospect, both located approximately 40 km south of Culebrilla. Subject to results, the Company may drill one or both of these properties in 2008.

San Jorge is located approximately nine kilometres north of and in a similar geological environment as the recent San Luis silver-gold discovery (a joint venture of Esperanza Silver Corporation and Silver Standard Resources Inc.). Strait Gold geologists visited the property prior to entering into the 2007 option agreement and collected 24 chip samples across 10 exposed veins. Eight of those chip samples returned greater than 20 grams per tonne (g/t) silver, including up to 242 g/t silver over 1.3 metres and 234 g/t silver over 1.3 metres, and seven samples returned greater than 0.5 g/t gold including 1.0 g/t gold over 6.0 metres. Several other veins remain untested.

Pallcamachay, located approximately three kilometres northwest of San Jorge, features extensive quartz-sericite alteration with local quartz-iron-oxide stockwork veining within a high-level quartz-feldspar porphyry intrusion and overlying Calipuy group volcanics, and presents a prospective buried porphyry copper target.

Ryan Weston, P.Geo. is the qualified person as defined by NI 43-101 for the purpose of this press release and has reviewed its technical content. Mr. Weston was also responsible for supervising the drill program at Culebrilla. Strait Gold carries out a program of quality assurance and quality control (QA/QC) on its Culebrilla project by inserting into the sample stream at random intervals one gold-silver standard every 20 samples and one rock blank sample every 20 samples. Core samples are cut in half at the project base camp, brought to Caraz under supervision by Strait Gold and shipped to ALS Chemex of Lima Peru, an ISO 9001:2000 accredited laboratory. Individual samples are dried, crushed and pulverized and a 30-gram aliquot is analyzed for gold by fire assay coupled with atomic absorption spectroscopy (AAS). Silver and copper, together with 33 other elements, are assayed by inductively coupled plasma-atomic emission spectrometry (ICP-AES) following aqua regia dissolution.

About Strait Gold Corporation:

Strait Gold Corporation is a Canadian mineral exploration company active in Peru and listed on the TSX Venture Exchange. It holds a 100% interest in the Culebrilla gold-silver project and a 100% interest in the Letra Rumi South copper project, and is earning a 70% interest in the San Jorge silver-gold property and a 100% interest in the Pallcamachay copper project, all in the Department of Ancash in central Peru. To learn more about Strait Gold Corporation, please visit our website at www.straitgold.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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